Common use of Status Updates Clause in Contracts

Status Updates. Subprime Loans may be transmitted to MC for further processing at any stage of the application process. Thus, either or both MC and ILSI may conduct specific processing tasks for Subprime Loans prior to closing and funding; however, the parties agree to work together to ensure that the services provided are not duplicative. Once a Subprime Loan has been transmitted to MC, MC shall update the processing system and the Website database with the status of the loan processing as agreed between ILSI and MC but at a minimum wherever indicated below. Furthermore, MC shall notify the borrower of all status changes as they occur and update the Website with such status changes and transmit electronic messages to borrowers.